12/21/06 Holiday trading mode

Marketline December 21, 2006 Trading volume is lightening up at exchanges as we near the Christmas holiday. Wheat futures were mostly modestly higher Wednesday in a low volume session. Brian Hoops of Midwest Market Solutions expects low volume to continue through the holiday period. Hoops: "And markets will close early on Friday at noon. And then next week of course closed on Monday and then again an early close next Friday at noon. So I expect we are going to continue to see volume slow here." Those times are Central time. Of course low volume can lead to volatility too. Argentina reports that farmers there had harvested 51 percent of their 2006-2007 wheat crop as of December 14th. That's ahead of last year's pace. Traders will get the weekly export sales report this morning. On Wednesday Chicago March wheat was up 1 ¾ cents at 4-93 3 /4. March corn down a ¼ at 3-72 ¾. Portland cash soft white wheat two to six cents higher at mostly 4-92. Club wheat 4-92. HRW 11.5 percent protein three to four cents higher at mostly 5-69. Dark northern spring 14% protein two to three higher at 5-83. Barley at the coast 180 dollars a ton. Live cattle futures were higher Wednesday with feeders mixed. Live cattle benefited from short covering, fund buying and speculation about this week's live trade. Winter storms were also supportive. USDA issues its monthly Cattle on Feed Report Friday afternoon. Feb live cattle up 27 cents at 90-35. Jan feeders down 15 at 98-85. Jan Class III milk down a penny at 13-15. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.